When we are talking about document management, you should have reliant, cost-effective hardware. Multifunction devices and multifunction printers are the best options for reliable equipment. Cross-functional hardware will solve the problem of print, copy, and scanning of documents.
This is just the half part done for document management. The primary other half is access to comprehensive information. A DMS that evolves with the progress of the organization into an updated ECM (enterprise content management). An ECM that connects and manages unstructured data from all business systems and documents.
The DMS facilitates and streamlines the document handling system. How the documents are created, shared, organized, secured, accessed and archived throughout the entire organization.
It has a centralized storage system making them easy to file, process and recover when needed. This improves your organization’s productivity. You should not waste your companies productivity on inefficient document management.
Below are seven benefits of having a Document Management System.
1. Centralized document/file repository
Professionals in your office have to spend a lot of time finding documents. With a DMS system, you can leave the non-required stacks of paper on your desk, having to find filling cabinets for what you are searching. With a centralized system everything is organized and easily accessible. Documents are available for editing and sharing with your colleagues.
A cloud-based ECM solution can extend beyond the office premises because the central document pool can be accessed from anywhere.
2. Streamline workflows-
There can be versioning issues on a daily basis as you need to update documents on a regular basis. A DMS prevents versioning issues. Multiple employees will store the same file in different locations. A DMS collaborates all the documents and saves it in one single location.
With this everyone will be working on the most updated file. You have saved time that would have been spent for forwarding documents to all team members.
You can also opt for a version control DMS. In the version control DMS, it allows the older versions of a document to be recovered in the event of any unauthorized changes.
In addition to the version control feature DMS also helps to recognize types of documents assigning the workflow template. Documents are routed to the next employee automatically without anyone having to get up from the chair.
Docupile’s content folder module efficiently drives invoice verification by using the stamp system. This automatically adds documents to the task list for the next employee.
3. Compliance is a breeze-
With DMS compliance management is much more straightforward as automated workflows ensure record keeping protocols are correctly followed. With advanced security measures, the DMS guarantees easy accessibility in case there is an audit conducted.
Any amendments and updates in the regulatory framework can be changed in the DMS system, as it has been developed in such a way that it can be modified anytime with the changes in the workflows. This will erase the chances of any errors made by employees
4. Increased data security-
According to average consolidated reports by IBM data breach cost from $2.64 million in 2016 to $2.51 million in 2017. A data breach costs around $139 per breached document. Even after such high loses businesses keep their data exposed to theft or tempering. Organizations do so by storing data in unsecured folders open to the entire network. By leaving paper documents in unlocked drawers and folders. By doing this, you are leaving all case sensitive documents open for hacking.
A DMS prevents unauthorized access to information by using access control system. Employees are allowed to only access information and edit those documents relevant to their job profiles. Every change made in the document is recorded therefore in the event of any tempering you will exactly know the person behind it.
5. Less printing= greener office
It is highly essential to sustain the business as it affects your customers. As per conecomm.com, a global CSR study says 91 % of global consumers expect the companies to work responsibly towards resolving environmental issues.
A DMS surely indirectly contributes to minimizing printing and paper usage by digitization of documents. This will help you do some CSR.
6. Cost saving
Apart from becoming an environmentally friendly office, you are moving towards becoming a paperless office. This has a direct effect on the primary cost. Going digital will reduce office space by 60% of filing storage.
7. The Intangibles
The intangible benefits that document management include-
- Improved client relations
- Peace of mind
Time is valuable and time saved is equivalent to money saved. DMS often translates into increased productivity. A more efficient DMS boosts staff confidence.
Conclusion- A proper and efficient DMS will be profitable for your organization. Schedule a demo with us today to see how document solution is tailored to fit for your organization.